Tax is applicable on Long Term Capital Gains (LTCG) if your income (NOT INCLUDING LTCG NOR DIVIDENDS) exceeds Single $41,675 […]
Category: LLC
Including Extensions
In reading code (if you ever try to read it you will know why it is called CODE) and regulations (U.S. Treasury Dept interpretation of the Code–this is what we think it means) you will find the term INCLUDING EXTENSIONS. This means INCLUDING A TIMELY FILED EXTENSION. […]
When is 28% bracket not 28%?
This is real from a 2014 tax question Question I had a 401K that I cashed in back in November. I paid 20% taxes on it when I did that. I received my 1099-R and while doing my taxes I entered that in and am now being charged another 30% in taxes. I have double […]
2021 Tax Law Change – Business Meals
2022 Vehicle Mileage Rates
For 2022, the standard mileage rates for cars, vans, pickups or panel trucks) is 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021, 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for […]
IRS Backlog Continues
In late November, IRS has still yet to process 6.5 million personal 2020 tax returns. And it is 2.6 million amended returns behind. […]
IRS Amended Returns as of 09-08-21
IRS is behind on alot of stuff…… Including, as of 09.08.21 …. 2.8 MILLION Amended Returns have yet to be processed! […]
LLC ROADMAP (Operating Business with Rental Activity)
ACCOUNTING (You have TWO businesses) • The bookstore or contracting business (example) is an operating business. Keep revenue and expenses separate from the rental business. This does not mean a separate checking account but it may be easier to maintain records. That is up to you. o The bottom line profit is taxable for income and […]
Read More… from LLC ROADMAP (Operating Business with Rental Activity)
2018 FACTS on WHO PAYS TAX
2018 FACTS on WHO PAYS TAX The top 1% of individual filers paid 40.08% of all U.S. income taxes for 2018 per IRS (up from 2017’s figure of 38.47%). The top 1% earned at least $540,009. The top 5% earned at least $217,913 and paid 60.30% of total income tax. The top 10%, those with AGIs […]
NOL 2020 COVID-19
COVID-19 related changed to Net Operating Losses (NOL) CARES Act reverses the general ban on carrybacks of NOLs by requiring NOLs arising in 2018, 2019 or 2020 to first be carried back five years, unless the taxpayer elects to instead carry the NOLs forward. It suspends the 80% taxable income limit for NOLs in 2018 to […]